The Great Resignation: Tips to Retain Top Talent in a Shifting Job Market

The world has seen its fair share of upheaval and rapid change over the last 18 months as the COVID-19 pandemic swept across the planet and drastically altered our everyday lives.

Things seem to have stabilized somewhat in recent months, with hundreds of millions of Americans getting vaccinated for the virus and many restrictions finally being lifted, but we’ve only just begun to see the damage this pandemic has caused.

One of the most significant societal shifts that has occurred as a direct result of the COVID-19 pandemic is what is being called “The Great Resignation.” Millions of Americans are leaving their jobs behind in search of better pay, less stress, and a greater work-life balance.

It seems that the opportunity to step outside of their regular routines during pandemic lockdowns has allowed many people to recalibrate their minds and reconsider their situations. The result has been an unprecedented exodus of workers from their former jobs, leaving companies scrambling to retain top talent and straighten the ship.

As a leader of your organization, you’re likely already trying to grapple with this unique employment crisis. To understand how to navigate this difficult time, you will need to know why so many people are choosing to leave their jobs behind and what you can do to prevent it from occurring within your organization.

To help you do that, we’ve compiled a collection of useful tips so that you can retain top talent in this quickly shifting job market.

Don’t Rush Back

Once your organization is ready to return to the office, you should keep in mind that it may be a bit of a shock to your workforce if you revert too quickly, which may cause them to seek employment elsewhere.

Instead, employ a phased approach by starting with a hybrid schedule that can get employees used to the idea of working outside of the home. You may even want to consider a permanent hybrid schedule like several other companies are now using.

Maintain a Line of Communication

If you want to know what you can do to keep your best employees on the payroll, you can start by asking them.

Allowing your top talent to voice concerns, express their needs and desires, and give you honest feedback is perhaps the best way to gauge their level of engagement so that you can make any necessary adjustments to keep them with your organization for the long haul.

Prioritize Health and Well-Being

With a deadly pandemic still ongoing, your workforce has plenty of reason to be concerned about their health when entering the workplace every day. They’ve also got plenty of reasons to be struggling with their mental health after the events of the last 18 months.

Making them feel safe with thorough health protocols and plenty of mental health resources should be an absolute priority for your organization.

If you fail to do either of these things, it may not be very long until your top talent becomes part of the great resignation and seeks out an employer who meets their health and wellbeing needs.

Remain Flexible

COVID-19 lockdowns have shown many organizations that their operations are a lot more flexible than they may have previously believed.

We’ve now learned that remote work can be easy and effective, work hours don’t necessarily need to be set in stone, and there are more paths to sustained success than the handful that businesses have traditionally followed.

This level of organizational flexibility has also shown employees that there are alternative ways to work that may very well be better for them in the long run.

To retain top talent, you may need to maintain that same flexibility outside of the pandemic, allowing for remote work, giving employees a range of work hours to choose from, and breaking the rules every now again to show them that work-life balance is important to your organization.

Also, remember that people are more likely to quit managers than jobs, so make sure that staff at every level is on board with your new organizational culture.

Get in touch with Asset HR to learn more about opportunities you might be missing in attracting and retaining top talent.

Why Outsourcing HR Creates Efficiencies

As a leader of your organization, you’re always looking for ways to help your company run more effectively and efficiently. A well-run HR department can be vital in helping you attain that goal, but there are many obstacles within HR that may very well be holding you back.

From recruiting and onboarding to administering benefits and the endless amounts of paperwork that can slow your entire organization down, it’s not always easy to ensure that HR is as streamlined as it can be.

One way that successful organizations today are ensuring the efficiency of their human resources department is through outsourcing.

Outsourcing HR can relieve your in-house HR employees of the mountain of paperwork so that they can focus on the most important aspect of their role: fostering human connections throughout your organization.

To help you get a better idea of the ways that outsourcing HR can make your company as efficient as possible, we’ve detailed some of the biggest advantages it has to offer.

Streamlining the Recruitment Process

Recruiting new talent often involves meeting candidates and getting a feel for their fit with your organization, but there’s plenty of tasks that can slow the process down significantly.

Outsourcing HR can take the burden of creating job descriptions and listing them in the most visible spaces in order to find the largest number of viable candidates. That way, your in-house team can focus on the person-to-person aspects of the job.

Administering Benefits

Because the laws surrounding employee benefits are constantly changing, the task of administering them carries a high potential for error. These errors can be costly ones! Any organization looking to maximize efficiency (and profits) would do well to avoid them at all costs.

Outsourcing HR can help you to stay on top of the constantly changing laws in order to ensure compliance while providing your employees with the sort of enticing benefits packages that will inspire them to stay with you for the long haul.

Ensuring Compliance

Employment regulations are constantly changing at both the state and federal level. Responsibility to adhere to these rules falls on your HR team.

Outsourcing HR means that you can leave risk management in the hands of experts so that you can put all of your focus on achieving your organizational goals.

Increasing Productivity

Managers often wear many hats — perhaps even too many. Sometimes, managers are tasked with jobs that should be relegated to an HR department.

From fielding various questions to managing time off and more, management can easily get trying to juggle too many responsibilities.

With those burdens removed, your team will have more time and headspace to focus on the things that they were hired to do. This will increase their productivity, and by extension, the organization’s productivity, all while creating a more satisfied, less stressed workforce.

Increased Employee Retention Rates

Speaking of a more satisfied and less stressed workforce, outsourcing HR is a great way to keep your employees happy and to keep them around.

By creating clearer communication, removing unnecessary (and frankly boring) tasks, and working to enhance the overall employee experience, your outsourced HR team is likely to increase your employee retention rates.

Higher retention rates mean that you won’t be left to deal with recruiting and onboarding as often. You’ll have an experienced team that will keep your organization running like a well-oiled machine.

Saving Your Organization Money

All that efficiency is bound to save your organization money in the long run, right? Definitely!

Outsourcing HR can help you to cut costs in various areas, including in the recruiting and onboarding process, payroll costs, and taxes. Skilled HR firms can often identify innovative ways to reduce your expenses or adjust your protocols to be more efficient.

When you use an experienced team of HR professionals, you’ll also avoid any of the significant fines that can come from compliance issues.

Sure, outsourcing HR is an expense in and of itself, but in the long run, you’ll save far more money than you’ll spend on a high-quality service.

Interested in Outsourcing HR?

Ready to experience the benefits that outsourcing HR can bring to your organization? Contact Asset HR today to learn more!

What It Takes to Outsource HR (Why You Still Need an Internal Liaison)

For organizations looking to free up time, save money, and streamline their processes, HR outsourcing can be an excellent choice. Putting your HR functions in the hands of a professional organization means your workforce will be able to focus on what’s most important to your company. That way, you can rest easier knowing that all of the risk-management aspects of HR are getting the attention they need.

However, not every aspect of HR is suited to be handled by an outside company. Sometimes face-to-face interactions and intimate knowledge of your team members are critical to the success of your human resources department. In those instances, you will want an internal liaison to take the reins.

Let’s look at when you should outsource HR, how it can help your company thrive, and why you should still maintain an in-house HR liaison.

The Benefits of Choosing to Outsource HR

Here are just a few major reasons you should consider outsourcing your HR functions to a professional human resources organization.

It Will Save Your Business Time

Having an HR department that runs like a well-oiled machine is crucial to the success of any organization. HR requires the effective management of everything from payroll and taxes to compliance and benefits administration—and more.

Performing all of those tasks while also trying to run a successful business can be overwhelming. When you outsource HR functions, you take those responsibilities off your plate and place them in trusted hands, which means you can focus on achieving your company’s goals.

It Will Help You Economize

As your business continues to grow, your HR team will need to grow along with it. At a certain point, the cost of managing all of your HR functions can become significant—especially for a department that does not generate any revenue. Choosing to outsource HR can help to reduce those costs significantly. That includes everything from training costs to payroll costs to the cost of employee acquisition and more.

It Will Ensure Compliance

Risk management is an important issue for all growing businesses. As your business grows, it becomes increasingly more complex. It can be hard to stay on top of the constantly changing regulations that companies must follow. Ensuring that your organization remains compliant with all laws, rules, and regulations—local, state, and federal—can eventually become overwhelming. Outsourcing your HR functions is one of the best ways to ensure that this tremendous task gets the attention it requires.

How an Outsourced HR Department Can Help Your Company Thrive

As your need for a larger and more complex HR department grows, it can be increasingly difficult to focus on your organizational goals. You will have less time to focus on your company’s growth, whether because you spend more time hiring HR professionals, more resources developing your HR team, or more energy putting out fires.

When you outsource HR functions for your business, you can focus solely on what your company needs to thrive and grow.

Why You Still Need an Internal Liaison

Although outsourcing HR can help your company in various ways, it’s still important to maintain an in-house HR liaison to bridge the two organizations. An outside company can be great for managing tasks like payroll, taxes, and benefits, but when it comes to the more interpersonal aspects of HR, you will want someone who knows your staff more intimately.

An in-house HR employee who knows your workforce personally is better suited to accomplish specific HR tasks. That includes any face-to-face interactions and the organizing of social events, team-building exercises, and office initiatives designed to develop culture. In other words, leave the more technical stuff to the HR partner and keep the more personal things in the office.

What to Look for in an Internal Liaison

A great internal HR liaison will be a people person, not a people pleaser. Remember, your HR liaison will have to play diplomat between departments and between employees. For those purposes, they will need a bit of objectivity.

Beyond having strong social skills, they should also have excellent organizational skills, good time management, and remain up to speed with all of the various functions of HR. To some extent, they should know what HR tasks you’re outsourcing.

How to Find the Right HR Partner

Countless organizations offer HR services, but not every one of them will be the perfect one for your business. You need to seek out a partner that is in tune with your specific industry and knows the current compliance issues relevant to your company.

It’s also important to inquire with any potential partners about the specific services they provide, as not all third-party HR partners offer what your organization needs. If you find a partner who checks all of your boxes—and they are within your budget—then you’ve likely found a terrific match.

Looking for the Perfect HR Partner?

Asset HR can help! We offer comprehensive professional HR services with a human touch. Contact us online or call our offices today to learn more.

How Professional Development Fits into Your Retention Strategies

“Super customer service. Nice working relationship/partnership.”

-Jane Doe

For many companies, it’s easy to lose sight of professional development as part of your HR process. Most departments emphasize finding and hiring the right candidate for the job, and employee retention plans can get lost in the shuffle. Unfortunately, this is a recipe for employee disengagement and high turnover. Disinterested employees are usually far less productive than their more engaged counterparts, and they tend to leave their jobs more frequently. That can end up costing your business in several ways, including more expensive hiring searches, lower production levels, and a negative reputation among potential new hires. Companies that pay more attention to their retention strategies are much more likely to avoid many of these pitfalls. In other words, hiring is just the starting point of the relationship between the company and the employee, and for that relationship to flourish, both parties need to contribute to the greater good.

Professional Development and Retention Strategies

For many companies, there are many challenges to retaining employees. For instance, employees who are a poor match for a position are unlikely to remain for long. And companies with poor onboarding processes start on the wrong foot, leaving the employee unsure of their role or the company culture and making them more likely to seek security elsewhere. Often, workers start to feel they have no room for advancement within a company. They may believe their only chance for promotion is to leave their position, either for another company or to pursue further education. That’s why one of the most effective retention strategies is investing in your company’s employee development and ongoing learning programs. These programs can provide a significant boost to your company’s overall retention rate, providing a substantial return on your training investment.

How to Integrate Professional Development into Your Retention Strategies

While ongoing learning is a valuable retention tool, it’s essential to ensure your programs will provide the most benefit for both you and your employees. That means several things, including the following:
  • Your program needs to be well-targeted
  • Development should be as personalized as possible
  • Programs must be convenient for employees
  • You should have an evaluation component to ensure outcomes
  • Balance cost of the program versus returns
There are several options for adding professional development and ongoing learning programs to your retention strategies. Some companies may choose to build their own training programs, while others may incorporate external courses from local colleges and universities to supplement their internal programs. When you train your employees properly, you enjoy many advantages, such as reduced supervision, reduced wastage, increased productivity and performance, and boosted morale. Many companies even outsource the training process to companies with years of experience building and administering professional development programs. AssetHR, for instance, leverages enterprise-level learning solutions that integrate with our client’s time and payroll system. That simplifies the system requirements while maximizing time—and value.

The Benefits of Ongoing Learning Programs

Whichever direction your company chooses to go, you’re likely to see several benefits from investing in a well-planned, consistent, and rewarding professional development program. Here are just some of the benefits you’ll notice:

More Engaged Employees

There are several reasons why employees may feel disengaged while at work. Poor management, dissatisfaction with pay (or feelings of being “underpaid”), and a sense of being unappreciated are all common causes for employee disengagement at work, and they each require different solutions. Overall, though, the most common factor in worker dissatisfaction is that it isn’t invested in its future. When employees feel like they’re just cogs in a machine, it can be challenging to remain motivated. Ongoing learning programs can help counteract these feelings, showing each employee that the company is invested in making sure they stay a part of the company for a long time to come.

Improved Skills Base

While the chance to improve skills is valuable for each employee, a well-designed professional development program also allows the company to build its overall skills base. There are some knowledge or skills gaps in almost every company, making it challenging to remain competitive. Ongoing learning programs offer the chance to cover these gaps and develop some workers into experts.

Identifying Internal Candidates for Promotion

Internal training programs can help companies identify those workers who have the skills and knowledge to succeed in new positions within the company. That can save you money on your hiring searches—you may not even need to search outside your company at all. Internal hiring also shows other employees that they too have the chance to move up within the company. As long as they continue developing their skills and performing their jobs well, they have the opportunity to continue ascending the corporate ladder. Retention strategies don’t have to be complicated. Get in touch with Chris Kelly at AssetHR to learn more about opportunities you might be missing in attracting and retaining top talent.

Understanding the Benefits of Outsourced Human Resources

Few things are more critical to a company than its employees. When your team member’s needs are taken care of, it not only improves employee morale but also promotes a healthy company culture, boosts retention rates, increases productivity, and so much more.

But not every business has the bandwidth to balance all their human capital needs in-house. It’s why so many companies opt to outsource their HR tasks to outside vendors and consultants. Read on to learn why your growing business will ultimately stand to benefit from outsourcing your human capital needs.

What is outsourced HR?

Third-party HR firms and consultants oversee every aspect of human capital management for your growing small business, including hiring, benefits, payroll, leadership development, employee handbook creation, workforce planning, and more.

Why should your company outsource HR?

While it might seem counterintuitive to let a third-party vendor step in to handle something as interpersonal as HR, outsourcing human resources doesn’t have to jeopardize the human touch of your business.

HR management is an incredibly multifaceted and complex job. Small businesses usually have one individual who processes payroll and assumes the role of HR manager, despite not having received formal training or education in the field.

Outsourced HR companies oversee these critical administrative and human capital tasks with expert knowledge and efficiency — like running accurate payroll or administering benefits — so you can stay focused on your people and growing your business.

Who should outsource their HR?

There is no perfect time to outsource your company’s human capital needs, but here are a few glaring indicators your company will benefit from outsourcing HR sooner rather than later:

• Your company prioritizes a disproportionate amount of time and resources on HR over other critical business needs and processes.
• Your company lacks the financial capital to onboard new employees and cover benefits for a dedicated in-house HR manager.
• Your company’s HR functions are spread unevenly among employees across various departments.
• Your company does not currently have enough in-house HR staff to balance hiring tasks with employee management.

Benefits of HR outsourcing

Outsourcing your company’s core HR functions offers numerous benefits to your organization and employees, including:
• Cost efficiency. While you’ll pay to outsource your HR tasks, your yearly HR outsourcing overheard will come nowhere close to the average in-house HR employee salary.
• Competitive benefit premiums. HR firms have strong relationships with benefits providers. So if your HR firm is attempting to secure a benefits package for your team, they have more staying power to negotiate lower plan rates than your organization.
• Time savings. Partnering with a third-party HR provider will afford your business and employees more time to dedicate to personal, interdepartmental and company-wide goals, boosting your productivity and efficiency as a result.

The bottom line

Whether you’re looking to pass off all of your HR needs or you just need assistance in a few key areas — AssetHR is here to help.

Human Capital Planning is a lot for one person to undertake. We get it. After all, humans and capital are pretty much two of the most challenging things to manage. As a business owner, CFO, or HR head, you know that the balance between humans and capital makes your job feel more like you’re running a family than a business.

That’s where we come in.

Our family business is human capital management — built on putting relationships above everything else. In fact, we only add new accounts when we are 100% sure that we have the time and people to provide the extraordinary service we demand of ourselves.

When you outsource your workday human capital management services to AssetHR, you get a personal, human touch backed by cutting-edge, state-of-the-art capital management technology.

Reach out to us today and one of our human capital management experts will get back to you right away.